Millionaires living in the United Arab Emirates are confident in the economic outlook going forward, according to a report released on Thursday.

According to the latest UBS Confidence Index, which surveyed around 5,400 millionaires in nine countries, 62 percent of respondents said they were optimistic about their economic and personal prospects, with only 11 percent taking a negative outlook.

UAE millionaires proved to be even more upbeat, with 77 percent confident in the future, while 5 percent said they were worried about the financial and economic situation. (Read the full report here)

At a global level, the biggest concerns did not focus on interest rate rises, inflation or market volatility, but issues such as rising healthcare costs, cyber-security and terrorism.

In the UAE, the results found the biggest concerns were geopolitical risk, inflation, tax increases and terrorism. The survey also showed that male millionaires in the UAE were more confident about these issues than their female counterparts.

Ali Janoudi, head of wealth management, Central and Eastern Europe, Middle East & Africa, France and Benelux at UBS, said in a press statement: “Despite recent market turbulences, we continue to see high levels of confidence among the world’s wealth holders. Overall confidence, measured by gauging investors’ optimism on the national economy and personal financial situation over the long and short term, is highest in Continental Europe, the Middle East and the US.

“The United Arab Emirates ranks as the second most confident market among all countries globally. But one trend that we are seeing the world over is a natural bias among millionaires towards their own domestic stock markets. Spreading risk remains important in case we do see any kind of correction in future.”

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Source: UBS

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(Writing by Shane McGinley; Editing by Michael Fahy)
(shane.mcginley@thomsonreuters.com)

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